Technology group Adapt IT, which provides software to many different industries, has opted to hold on to its final dividend as Covid-19 batters the SA economy, particularly manufacturing and tourism.
The Johannesburg-based company, which provides software solutions to the education, manufacturing, energy, financial services, communications and hospitality sectors,Revenue increased 3% to R1.48bn to end-June, before accounting changes that brought leases on to the balance sheet, while earnings before interest, taxation, depreciation and amortisation — a measure of operating profit — grew 9% to R250m. This was also before accounting changes.
Adapt IT’s education division, which contributes about 16% in group revenue, posted an 8% rise in revenue. Earnings in its communications business, which contributed 21% of group revenue, jump by a third.
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